Exploring how Renewable Energy Innovations and Green Technologies can Drive Sustainable Economic Growth
DOI:
https://doi.org/10.47067/ramss.v7i4.444Keywords:
Renewable Energy Innovations, Green Technology Adoption, Sustainable Economic Growth, Environmental Performance, Renewable Energy R&D, Carbon Emission Reduction, Energy Efficiency, Government Policies, Technological Readiness, Green InvestmentsAbstract
This study seeks to explore the relationships between renewable energy innovations, green technology adoption, sustainable economic growth, and environmental performance. The data were gathered through a structured survey of 300 respondents analyzed using SPSS through descriptive statistics, correlation, regression, and ANOVA. Descriptive analysis shows that renewable energy R&D investment and green technology adoption have been moderately improved (Mean = 1.9267 and Mean = 1.9367, respectively). However, high costs and absence of infrastructure act as a deterrent for further development (Mean = 1.9900). GDP adjusted for environmental considerations grew at a moderate pace (Mean = 2.0167), the perceived carbon emissions reduction effect was low (Mean = 1.9033), and share of renewable energy in total energy production was low (Mean = 1.9567). There were statistically significant positive correlations, with a high correlation between renewable energy R&D investment and green technology adoption (r = 0.670) and environmental performance (r = 0.975). Regression analysis further confirmed that the expenditure of renewable energy R&D was an important determinant for the growth of GDP (B = 0.535, R² = 0.288, p < 0.001). ANOVA was found to be statistically significant with the impact of adoption levels of green technology on carbon emission reduction perception (F = 9.564, p < 0.001). Post hoc Tukey HSD analyses indicated a significantly different mean in higher versus moderate adoption levels. The results conclude that R&D investment in renewable energy, favorable policies, and adopting green technology have a vital function in attaining sustainable growth coupled with environmental betterment. This work, therefore, offers policy and stakeholder insights with concrete information into how to remove barriers and pick up pace toward renewable energy transitions to achieve global sustainability goals.
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